Lawyers must understand maritime trade to effectively handle trade dispute – Mike Igbokwe
By Oluwabunmi Ogunjimi
PRESIDENT of the Nigerian Maritime Law Association, NMLA, Mr. Mike Igbokwe, Senior Advocate of Nigeria has enjoined lawyers to be more knowledgeable in maritime trade so as to effectively handle trade dispute when the need arises.
Speaking at this year’s International Maritime Seminar for Judges, currently underway in Abuja, Igbokwe, said the global maritime industry is being transformed by evolving regulations, changing commercial practices, technological innovations, environmental obligations and increasingly complex risk profiles, making it imperative for lawyers to stay abreast of these developments.
According to him, “Across the world, maritime trade is being reshaped by new regulations, shifting commercial practices, disruptive technologies, environmental obligations and increasingly complex risk profiles.
“These developments affect ships, ports, terminals, cargo, finance, insurance, regulation, dispute resolution and the daily decisions of maritime businesses. They create new responsibilities, but they also open new opportunities for shipowners, terminal operators, financiers, insurers, regulators, ports, cargo interests and the lawyers who advise them.
“For Nigeria, this moment carries special significance. With continuing supply chain disruptions, expanding conversations around port efficiency, maritime security, trade facilitation and the growing opportunities in the blue economy, lawyers and industry players must move beyond theory.
“We must understand how contracts, insurance, trade finance, port operations, security, dispute resolution and regulatory compliance work in practice, and how they can be deployed to support national economic growth, investor confidence and regional competitiveness.
“When we look across generations from the wisdom of the past, through the demands of the present, and into the possibilities of the future we must acknowledge one truth: the rules of the maritime game are changing. If we do not understand those changes, respond to them and help shape them, we risk being left behind. Our duty is therefore clear.
“We must draw strength from the experience of those who came before us, confront today’s realities with competence and courage, and prepare intelligently for the future of maritime law practice and the maritime industry.”
The legal luminary also stated that maritime is the life line of global trade adding that the available up-to-date maritime legal frameworks and how quick our courts will and can determine maritime disputes, are factors that a foreign maritime investor will consider before investing in Nigeria because it is a universal principle that maritime disputes should be speedily determined due to the huge sums of money or value of assets usually involved in
them.
